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Albany, New York, Sept. 12, 2018 (GLOBE NEWSWIRE) -- The global microgrid monitoring systems market was valued at around US$ 300 Mn in 2017 and is anticipated to expand at a CAGR of more than 17% from 2018 to 2026, according to a new report titled ‘Microgrid Monitoring Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR).
Microgrid monitoring systems help in monitoring real-time operations of the grid. They control all the equipment according to safe and stable operational requirements. Microgrid monitoring systems consist of a wide range of products that are engineered, configured, and standardized with essential auxiliary equipment. Rise in the installation of grids and increase in demand for electricity from renewable energy sources across the globe have led to a significant rise in demand for microgrid monitoring systems. These factors are likely to continue to drive the global microgrid monitoring systems market during the forecast period.
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Rise in Concerns about Economic Recession and Delays in Projects
An unpredictable political scenario across the globe is likely to delay or hinder power generation and grid installation activities as political instability may lead to insufficient funding. Moreover, renewable energy generation activities are likely to be hampered due to economic recession, causing delays in multiple projects. This, in turn, may lead to a decline in demand for microgrid monitoring systems. Rise in concerns regarding pollution is likely to compel renewable energy industries to adopt microgrid monitoring systems as a necessary solution in order to gain public acceptance. However, the high installation cost of these systems in underdeveloped countries can be a restraining factor, especially for small-scale industries with inadequate capital.
The Military Segment is anticipated to Expand Significantly
In terms of application, the campus segment currently holds a major share of the global microgrid monitoring systems market due to the ability of the technology in the systems to anticipate, manage, and mitigate risks efficiently. Development of military microgrid systems is expected to propel the market in North America and Asia Pacific. The military microgrid segment is likely to expand at a CAGR of 20.0% during the forecast period. The segment is expected to be followed by the island microgrid segment, which is anticipated to expand at a CAGR of 19.1%.
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Innovation, Quality Improvement, and Recent Developments in Microgrid Monitoring Systems
The Internet of Things (IoT) technology is accepted and used extensively all over the globe. The pipeline network that is connected by software-controlled sensors and network connections helps in receiving real-time data on the existing and proposed infrastructures. The software technology in the microgrid monitoring systems has four functions: collecting data, uploading data, retrieving data, and controlling the devices.
Asia Pacific to Lead the Microgrid Monitoring Systems Market
Asia Pacific is estimated to be a prominent region of the microgrid monitoring systems market during the forecast period. Asia Pacific and North America are projected to lead the global microgrid monitoring systems market in the near future due to an increase in grid installations and rise in electricity generation from renewable energy sources in the regions. A large number of collaborations are expected to take place among manufacturers and technology developers during the next few years. Over the years, China has become a strategic center for the development of microgrid monitoring systems. This is projected to boost demand for microgrid monitoring systems in Asia Pacific in the near future.
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Highly Competitive Market with Domination of Top Players
The global microgrid monitoring systems market is highly competitive. In order to acquire a higher market share, companies operating in North America, Middle East & Africa, and Asia Pacific are rapidly expanding their service facilities of microgrid monitoring systems. Leading players dominate the market. Key players operating in the microgrid monitoring systems market are Enercom GmbH, ABB Ltd, General Electric, Power Analytics Corporation, S & C Electric Company, Caterpillar Inc., Eaton Corporation, Exelon Corporation, Siemens AG, and others.
Microgrid Monitoring Systems Market, by Product
Microgrid Monitoring Systems Market, by Application
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